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Better than Las Vegas: $400 million on the bitcoin collapse

Posted on 2018-02-20

An anonymous trader has purchased $400 million worth of bitcoin when bitcoin collapsed to around $8,400.

From 9 through 12 February an anonymous trader bought more than 40 thousand bitcoins for $400 million, according to MarketWatch. This mysterious buyer purchased an astronomical amount of bitcoins at a blended cost basis around $8,400. Before that, the buyer had already 55 thousand bitcoins on his purse. Now, having 96,000 bitcoins he is a bitcoin billionaire.

The current value of the buyer’s savings is more than $1.1 billion (according today’s rate at about $11.5k per coin).

Purchase could be made by a major player from Wall Street, experts suggested.

Alex Sannarborg, founding partner of Tetras Capital, noted, this deal warmed up the growth of bitcoin rate, which after the falling at the end of the last year won about 40% of the cost. While on February 6, the bitcoin rate was about $6 thousand, and by the end of last week it exceeded $10 thousand.

“Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the U.S. and Asia,” Alex Sunnarborg said.

Meanwhile, the bitcoin volatility does not decrease. The price of bitcoin increases from 6,000 dollars to 11,000 dollars in less than two weeks.

You should be careful with investing in bitcoin, because some economists call the bitcoin rate the “biggest bubble in human history” and even the Ethereum co-founder warns investors that cryptocurrency could drop to near-zero at any time.